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Property and Casualty Insurance Activity (Tables) | 12 Months Ended
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Dec. 31, 2023
Property and Casualty Insurance Activity |
Schedule of Earned Premiums |
|  | Direct |  |  | Assumed |  |  | Ceded |  |  | Net |
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 200,174,502 |  |  | $ | - |  |  | $ | (106,563,985 | ) |  | $ | 93,610,517 |
Change in unearned premiums |  |  | 1,871,239 |  |  |  | - |  |  |  | 18,902,507 |  |  |  | 20,773,746 |
Premiums earned |  | $ | 202,045,741 |  |  | $ | - |  |  | $ | (87,661,478 | ) |  | $ | 114,384,263 |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 201,254,837 |  |  | $ | - |  |  | $ | (79,195,016 | ) |  | $ | 122,059,821 |
Change in unearned premiums |  |  | (9,733,170 | ) |  |  | - |  |  |  | 2,057,880 |  |  |  | (7,675,290 | )
Premiums earned |  | $ | 191,521,667 |  |  | $ | - |  |  | $ | (77,137,136 | ) |  | $ | 114,384,531 |
Schedule of liability for loss and LAE expenses |
|  | Gross |  |  | Reinsurance |
|  | Liability |  |  | Receivables |
December 31, 2023 |  |  |  |  |  |
Case-basis reserves |  | $ | 67,108,131 |  |  | $ | 19,537,988 |
Loss adjustment expenses |  |  | 17,448,218 |  |  |  | 3,085,429 |
IBNR reserves |  |  | 37,261,513 |  |  |  | 10,665,233 |
Recoverable on unpaid losses |  |  |  |  |  |  | 33,288,650 |
Recoverable on paid losses |  |  | - |  |  |  | 15,376,899 |
Total loss and loss adjustment expenses |  | $ | 121,817,862 |  |  |  | 48,665,549 |
Unearned premiums |  |  |  |  |  |  | 26,928,363 |
Receivables - reinsurance contracts |  |  |  |  |  |  | - |
Total reinsurance receivables |  |  |  |  |  | $ | 75,593,912 |
December 31, 2022 |  |  |  |  |  |  |  |
Case-basis reserves |  | $ | 62,745,588 |  |  | $ | 16,618,887 |
Loss adjustment expenses |  |  | 16,847,618 |  |  |  | 2,364,053 |
IBNR reserves |  |  | 38,746,307 |  |  |  | 8,676,560 |
Recoverable on unpaid losses |  |  |  |  |  |  | 27,659,500 |
Recoverable on paid losses |  |  | - |  |  |  | 13,588,981 |
Total loss and loss adjustment expenses |  | $ | 118,339,513 |  |  |  | 41,248,481 |
Unearned premiums |  |  |  |  |  |  | 25,216,580 |
Receivables - reinsurance contracts |  |  |  |  |  |  | - |
Total reinsurance receivables |  |  |  |  |  | $ | 66,465,061 |
Schedule of unpaid losses and LAE |
|  | Years ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 118,339,513 |  |  | $ | 94,948,745 |
Less reinsurance recoverables |  |  | (27,659,500 | ) |  |  | (10,637,679 | )
Net balance, beginning of period |  |  | 90,680,013 |  |  |  | 84,311,066 |
Incurred related to: |  |  |  |  |  |  |  |
Current year |  |  | 82,856,483 |  |  |  | 85,690,180 |
Prior years |  |  | (7,273 | ) |  |  | 2,699,862 |
Total incurred |  |  | 82,849,210 |  |  |  | 88,390,042 |
Paid related to: |  |  |  |  |  |  |  |
Current year |  |  | 49,146,173 |  |  |  | 49,602,585 |
Prior years |  |  | 35,853,838 |  |  |  | 32,418,510 |
Total paid |  |  | 85,000,011 |  |  |  | 82,021,095 |
Net balance at end of period |  |  | 88,529,212 |  |  |  | 90,680,013 |
Add reinsurance recoverables |  |  | 33,288,650 |  |  |  | 27,659,500 |
Balance at end of period |  | $ | 121,817,862 |  |  | $ | 118,339,513 |
Incurred Claims and Allocated Claim Adjustment Expenses |
All Lines of Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands, except reported claims data) |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | As of |
|  | Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance |  |  | December 31, 2023 |
|  | For the Years Ended December 31, |  |  |  |  |  |  |  | Cumulative Number of Reported Claims by |
Accident Year |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | IBNR |  |  | Accident Year |
|  | (Unaudited 2014 - 2022) |  |  |  |  |  |  |  |  |  |
2014 |  | $ | 14,193 |  |  | $ | 14,260 |  |  | $ | 14,218 |  |  | $ | 14,564 |  |  | $ | 15,023 |  |  | $ | 16,381 |  |  | $ | 16,428 |  |  | $ | 16,434 |  |  | $ | 16,486 |  |  | $ | 16,472 |  |  | $ | - |  |  |  | 2,138 |
2015 |  |  |  |  |  |  | 22,340 |  |  |  | 21,994 |  |  |  | 22,148 |  |  |  | 22,491 |  |  |  | 23,386 |  |  |  | 23,291 |  |  |  | 23,528 |  |  |  | 23,533 |  |  |  | 23,428 |  |  |  | 274 |  |  |  | 2,559 |
2016 |  |  |  |  |  |  |  |  |  |  | 26,062 |  |  |  | 24,941 |  |  |  | 24,789 |  |  |  | 27,887 |  |  |  | 27,966 |  |  |  | 27,417 |  |  |  | 27,352 |  |  |  | 27,271 |  |  |  | 90 |  |  |  | 2,881 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31,605 |  |  |  | 32,169 |  |  |  | 35,304 |  |  |  | 36,160 |  |  |  | 36,532 |  |  |  | 36,502 |  |  |  | 36,819 |  |  |  | 319 |  |  |  | 3,400 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 54,455 |  |  |  | 56,351 |  |  |  | 58,441 |  |  |  | 59,404 |  |  |  | 61,237 |  |  |  | 61,145 |  |  |  | 598 |  |  |  | 4,234 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75,092 |  |  |  | 72,368 |  |  |  | 71,544 |  |  |  | 71,964 |  |  |  | 73,310 |  |  |  | 1,182 |  |  |  | 4,503 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63,083 |  |  |  | 62,833 |  |  |  | 63,217 |  |  |  | 63,562 |  |  |  | 1,310 |  |  |  | 5,886 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 96,425 |  |  |  | 96,673 |  |  |  | 96,134 |  |  |  | 3,598 |  |  |  | 5,813 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 79,835 |  |  |  | 78,759 |  |  |  | 6,332 |  |  |  | 4,683 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 78,978 |  |  |  | 18,994 |  |  |  | 3,881 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 555,877 |  |  |  |  |  |  |  |  |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses |
All Lines of Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance |
|  | For the Years Ended December 31, |  |  |  |
Accident Year |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |
|  | (Unaudited 2014 - 2022) |  |  |  |
2014 |  | $ | 5,710 |  |  | $ | 9,429 |  |  | $ | 10,738 |  |  | $ | 11,770 |  |  | $ | 13,819 |  |  | $ | 14,901 |  |  | $ | 15,491 |  |  | $ | 15,770 |  |  | $ | 16,120 |  |  | $ | 16,136 |
2015 |  |  |  |  |  |  | 12,295 |  |  |  | 16,181 |  |  |  | 18,266 |  |  |  | 19,984 |  |  |  | 21,067 |  |  |  | 22,104 |  |  |  | 22,318 |  |  |  | 22,473 |  |  |  | 22,519 |
2016 |  |  |  |  |  |  |  |  |  |  | 15,364 |  |  |  | 19,001 |  |  |  | 21,106 |  |  |  | 23,974 |  |  |  | 25,234 |  |  |  | 25,750 |  |  |  | 26,382 |  |  |  | 26,854 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,704 |  |  |  | 24,820 |  |  |  | 28,693 |  |  |  | 31,393 |  |  |  | 32,529 |  |  |  | 33,522 |  |  |  | 34,683 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,383 |  |  |  | 44,516 |  |  |  | 50,553 |  |  |  | 52,025 |  |  |  | 54,424 |  |  |  | 56,199 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40,933 |  |  |  | 54,897 |  |  |  | 58,055 |  |  |  | 60,374 |  |  |  | 63,932 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,045 |  |  |  | 50,719 |  |  |  | 53,432 |  |  |  | 56,523 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56,282 |  |  |  | 77,756 |  |  |  | 82,317 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45,856 |  |  |  | 65,732 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46,280 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 471,174 |
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented |  |  | $ | 84,703 |
All outstanding liabilities before 2014, net of reinsurance |  |  |  | 170 |
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance |  |  | $ | 84,872 |
Reconciliation of the net incurred and paid claims |
Reconciliation of the Disclosure of Incurred and Paid Loss Development
to the Liability for Loss and LAE Reserves
|  | As of |
(in thousands) |  | December 31, 2023 |
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance |  | $ | 84,872 |
Total reinsurance recoverable on unpaid losses |  |  | 33,289 |
Unallocated loss adjustment expenses |  |  | 3,657 |
Total gross liability for loss and LAE reserves |  | $ | 121,818 |
(Components may not sum to totals due to rounding) |  |  |  |
Supplementary unaudited information about average historical claims duration |
Average Annual Percentage Payout of Incurred Loss and Allocated Loss Adjustment Expenses by Age, Net of Reinsurance |
Years |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 4 |  |  |  | 5 |  |  |  | 6 |  |  |  | 7 |  |  |  | 8 |  |  |  | 9 |  |  |  | 10 |
All Lines of Business |  |  | 53.4 | % |  |  | 19.9 | % |  |  | 7.3 | % |  |  | 6.0 | % |  |  | 5.6 | % |  |  | 3.7 | % |  |  | 2.5 | % |  |  | 1.4 | % |  |  | 1.2 | % |  |  | 0.1 | %

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